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Succession planning refers to the process whereby an organization recruits, identifies, and develops high-potential individuals for specific positions in order to ensure the continuity of an organization's leadership. It is a critical element in building the “bench strength” of an organization, which refers to the competencies and employees who are prepared to fill vacant leadership positions. The main goal of succession planning is to provide a talent pool and leadership pipeline throughout the organization. This entry reviews the main elements of succession planning, associated concepts, and best practices related to implementing this process in a new venture.

Two related processes to succession planning are replacement planning and succession management. Replacement planning most often refers to a contingency plan for emergency situations that is focused on an ...

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